Bitcoin Market Overview
The market could not show strong upward movement after a bouncing from SMA100, and the price returns to 10000.00 level again. The support zone at this level is rather strong and it's possible that the price will bounce again and move to the downtrend line at least. MACD gives bullish signal, and RSI is at the oversold zone. We have to watch closely for the price action at this support zone , because it will determine further market movement. If the price bounces, we'll get a new buy opportunity and positive not only for Bitcoin -0.87% market but for other markets too. If the price breaks the support zone and the uptrend line, it will be a solid signal confirming further downward movement. The next support zones will be at 8000.00 and 5000.00 levels. Can the market drop to these levels? Sure, we don't see that bulls are strong and they are going to push the market to the new highs, in other way the market could break the downtrend line and confirm the continuation of the main uptrend. It looks like we should expect consolidation period or further downward movement more, than strong bouncing and upward movement. We should be very careful with opened long positions and new buy signals. The markets are unstable and more unpredictable now. We have to watch for price action at important zones and wait for clear signals from the markets.
- DLavrov